Consumers across the country can now take advantage of a Federal Housing Administration program to allow qualified home buyers to apply the $8,000 tax credit when purchasing a home. FHA will now permit its lenders to provide a short-term bridge loan that will let qualified home buyers use the tax credit to either make a larger downpayment above the FHA required 3.5 percent, cover closing costs, or buy down their interest rate.
This will help many potential buyers break into the homeownership role and take advantage of today's low interest rates and competitive housing prices.
The deadline is December 1, 2009!
Showing posts with label buying a house. Show all posts
Showing posts with label buying a house. Show all posts
Sunday, June 14, 2009
Tuesday, December 4, 2007
Real Estate in December
Oh yes, it is once again that time...the area between Thanksgiving and Christmas where everyone is thinking about the traveling they'll be doing, the groceries they need to buy for entertaining, the gifts, the mall, the kids programs, the new black dress they want....ok so not everyone will want a new black dress. But, this is the time where the last thing on MOST people's mind is buying a house. And while this is the 'slow season', people are still out there wanting to move. Alot of job transfers happen at this time, and they need a home. The end of the school's 2nd semester is coming up, a good time to move the kids at. Also, right now in our local area (Waukesha, Milwaukee) our interest rates are as low as 5.75% for a fixed 30 year loan! So when people ask me if now is a good time to buy, my response is inevitably YES!
Wednesday, July 18, 2007
Buyer Representation
In the state of Wisconsin, a buyer can chose to work with an agent in one of 2 ways, as a 'sellers agent' or as a 'buyers agent'.
Buyer representation occures when a buyer enters into a contract with a real estate agent allowing that agent to represent them. A buyer may not enter into a contract with more than one real estate agent.
Seller agency occures at all other times. In Wisconsin, the default agency is "seller agency".
The Multiple Listing Service (MLS) is a service that real estate agents use to 'list' your property. It is also an agreement from that lister to pay the commission (which amount is stated in the MLS for all agents to see) to the agent who brings in the buyer. For this reason, unless there's a signed buyer agency agreement, all real estate agents work on behalf of the seller.
Now there is also a period called pre-agency. Perhaps you've just met an agent and don't know yet if they are a good match for you. The pre-agency period allows the agent to act in a neutral state. Once negotiations begin, you do need to decide how you wish to be represented.
Why chose buyer agency? In most cases, you get all the knowledge and negotiating power of a professional real estate agent at no cost you. Remember, if the house is listed, the seller pays the commision. What if it's not listed? The commission can be negotiated to be paid by the seller, the buyer, or a combination of both. The percentage amount varies, my particular amount is either 2% of the sale price or what is offered on the MLS, whichever is greater.
Also, with an agent working on behalf of you, they are able to negatively critique a property, make suggestions of a purchase price, compare similar properties that have sold, and overall work with your best interests in mind, getting you the best price and terms.
How do you know which agent would be good as a buyer representative? Look for one that has the ABR Designation (Accredited Buyer Representative). This agent has specific training and experience in working with buyers. I earned my ABR in my first year as a real estate agent.
To learn more about buyer representation, please email me and I will send you some information.
Buyer representation occures when a buyer enters into a contract with a real estate agent allowing that agent to represent them. A buyer may not enter into a contract with more than one real estate agent.
Seller agency occures at all other times. In Wisconsin, the default agency is "seller agency".
The Multiple Listing Service (MLS) is a service that real estate agents use to 'list' your property. It is also an agreement from that lister to pay the commission (which amount is stated in the MLS for all agents to see) to the agent who brings in the buyer. For this reason, unless there's a signed buyer agency agreement, all real estate agents work on behalf of the seller.
Now there is also a period called pre-agency. Perhaps you've just met an agent and don't know yet if they are a good match for you. The pre-agency period allows the agent to act in a neutral state. Once negotiations begin, you do need to decide how you wish to be represented.
Why chose buyer agency? In most cases, you get all the knowledge and negotiating power of a professional real estate agent at no cost you. Remember, if the house is listed, the seller pays the commision. What if it's not listed? The commission can be negotiated to be paid by the seller, the buyer, or a combination of both. The percentage amount varies, my particular amount is either 2% of the sale price or what is offered on the MLS, whichever is greater.
Also, with an agent working on behalf of you, they are able to negatively critique a property, make suggestions of a purchase price, compare similar properties that have sold, and overall work with your best interests in mind, getting you the best price and terms.
How do you know which agent would be good as a buyer representative? Look for one that has the ABR Designation (Accredited Buyer Representative). This agent has specific training and experience in working with buyers. I earned my ABR in my first year as a real estate agent.
To learn more about buyer representation, please email me and I will send you some information.
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